ICCI wants extension for Amnesty Scheme till July 15

ISLAMABAD: Acting president Islamabad Chamber of Commerce and Industry (ICCI), Syed Adil Anis, in a meeting with the Taxation Sub-Committee has said that taxpayers should avail the amnesty scheme offered by the Federal Board of Revenue (FBR) by waiving penalties and surcharges on all overdue taxes.

He said that the FBR announced the second Amnesty Scheme for defaulters to deposit the original amount till June 30, 2011, as an attempt to broaden the tax base but it should extend the last date up to July 15, 2011.

He said that it was difficult for traders to deposit the principal amount till June 30 and urged the Finance Minister, Abdul Hafeez Sheikh, to extend the date up to July 15, which would help the FBR to collect the proposed target because collecting Rs115 billion in five days is an impossible task.

He said that the government needs to look beyond revenue generation and should ensure fairness of the tax regime.

A significant percentage of the economy remains undocumented and operates outside the net. Proper documentation of all segments of the economy is essential if the government intends to broaden the tax base and reduce the burden.

Speaking on the occasion, Munawar Mughal, Chairman Founder Group ICCI said that many shopkeepers received sale tax registration notices from their respective markets which were unjustified.

He said that the government should broaden the tax net instead of burdening the existing taxpayers.

Copyright PPI (Pakistan Press International), 2011

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